· The award aims to develop innovative solutions to re-refine used cooking oil · Saudi cooking oil market estimated at 540,000 metric tons annually · Competition will run from September 9th to November 30th Petrolube Oil has successfully qualified to participate in the global 2021 Omnipreneurship Awards: through its Sustainability Branch Challenge. After a tough competition during which several companies pitched their proposals on business challenges to which they are seeking an innovative and sustainable solution to, Petrolube's proposal won. They are now seeking innovative solutions to recycle used cooking oil, turning it into an environmentally sustainable and biodegradable lubricant, in line with global standards. Petrolube will apply the winning technology to its state-of-the-art re-refining process to recycle used oil for use in other industries. The result will be a more environmentally sustainable and cost-effective product. The award is also in line with the Sustainability Goals of Saudi Vision 2030 and Petrolube's own sustainability values. The competition will open for submissions from 09 September 2021, closing 30 November 2021. Five finalists will be announced in February 2022 and will each receive $20,000. Ultimately, one winner will be awarded $1million and will sign a deal with Petrolube to further develop their proposed solution. On this occasion, Petrolube CEO Sajid Saeed said, "This award aims to fully realize the capacity of oil to be recycled and reused. Oil re-refining is environmentally friendly. It also aims to find a constructive use for the estimated 540,000 metric tons of cooking oil used in Saudi Arabia every year." "Petrolube has an unmatched reputation for providing the highest quality products and services in the industry and we are therefore very keen, along with our partners, to seek innovative technologies in the reuse of oil. The challenge also reflects our commitment to the National Transformation Program Sustainability Goals in line with Saudi Vision 2030," he added. Petrolube Oil produces over 250 different lubricant products and exports to 35 countries in the GCC, Middle East, Africa, and Asia. Last year Tanmiah Food Company (TFC) qualified for the 2020 challenge, through the same pitching process for the Omnipreneurship Awards. TFC is a leading listed Saudi poultry company that sought out solutions from the global community for sustainable ways to create value out of waste generated on their farms. The competition resulted in a successful approach to waste management with the introduction of new technological applications. Background information: https://www.omnipreneurshipawards.com Video - https://mma.prnewswire.com/media/1611888/Petrolube_Omnipreneurship_Award_2021.mp4 Logo - https://mma.prnewswire.com/media/1611878/Omnipreneurship_Awards_2021_Logo.jpg Source: Petrolube